Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum in years 2026 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2017, 2.48 percent in 2018, and so on, up to 11.16 percent in 2025. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.

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Financial Estimates for the OASDI Trust Fund Program

&nbsp

&nbsp

Proposal

&nbsp

Change from Present Law

&nbsp

Expressed as a percentage of present-law taxable payroll

Trust fund ratio as of January 1

Expressed as a percentage ofpresent-law taxable payroll

Calendaryear

Costrate

Incomerate

Annualbalance

Costrate

Incomerate

Annualbalance

2014

13.95

12.67

-1.29

320

0.00

0.00

0.00

2015

13.97

12.92

-1.05

306

0.00

0.00

0.00

2016

13.97

12.89

-1.08

292

0.00

0.00

0.00

2017

13.97

13.15

-0.82

277

0.00

0.25

0.25

2018

14.02

13.43

-0.59

264

0.00

0.50

0.50

2019

14.15

13.69

-0.46

253

0.00

0.74

0.74

2020

14.33

13.94

-0.39

243

0.00

0.98

0.98

2021

14.50

14.19

-0.31

235

0.00

1.21

1.21

2022

14.74

14.45

-0.29

227

0.00

1.44

1.43

2023

15.01

14.68

-0.33

220

0.01

1.65

1.64

2024

15.29

14.92

-0.36

214

0.01

1.87

1.86

2025

15.56

15.16

-0.40

208

0.01

2.09

2.08

2026

15.81

15.39

-0.42

203

0.02

2.31

2.29

2027

16.05

15.42

-0.63

199

0.03

2.32

2.29

2028

16.28

15.44

-0.84

194

0.04

2.32

2.28

2029

16.48

15.46

-1.03

190

0.05

2.32

2.28

2030

16.66

15.47

-1.19

184

0.06

2.32

2.27

2031

16.81

15.48

-1.33

178

0.07

2.33

2.26

2032

16.94

15.49

-1.45

171

0.08

2.33

2.25

2033

17.04

15.50

-1.54

164

0.09

2.33

2.24

2034

17.13

15.51

-1.62

157

0.10

2.33

2.23

2035

17.20

15.52

-1.68

149

0.11

2.33

2.23

2036

17.24

15.53

-1.72

141

0.12

2.33

2.22

2037

17.27

15.53

-1.74

133

0.12

2.34

2.21

2038

17.27

15.53

-1.74

125

0.13

2.34

2.20

2039

17.26

15.54

-1.72

116

0.14

2.34

2.20

2040

17.24

15.54

-1.70

108

0.15

2.34

2.19

2041

17.21

15.54

-1.67

100

0.16

2.34

2.18

2042

17.18

15.54

-1.64

92

0.17

2.34

2.18

2043

17.15

15.54

-1.61

84

0.17

2.35

2.17

2044

17.14

15.55

-1.59

76

0.18

2.35

2.17

2045

17.13

15.55

-1.58

68

0.19

2.35

2.16

2046

17.12

15.55

-1.57

60

0.20

2.35

2.16

2047

17.12

15.55

-1.57

51

0.20

2.35

2.15

2048

17.11

15.56

-1.56

43

0.21

2.36

2.15

2049

17.11

15.56

-1.55

35

0.21

2.36

2.14

2050

17.11

15.56

-1.55

26

0.22

2.36

2.14

2051

17.12

15.56

-1.56

18

0.22

2.36

2.14

2052

17.14

15.57

-1.57

9

0.23

2.36

2.13

2053

17.17

15.57

-1.60

1

0.23

2.36

2.13

2054

17.21

15.58

-1.64

----

0.24

2.37

2.13

2055

17.26

15.58

-1.68

----

0.24

2.37

2.12

2056

17.31

15.59

-1.72

----

0.25

2.37

2.12

2057

17.36

15.59

-1.77

----

0.25

2.37

2.12

2058

17.42

15.60

-1.82

----

0.26

2.37

2.12

2059

17.47

15.60

-1.87

----

0.26

2.37

2.12

2060

17.52

15.61

-1.91

----

0.26

2.38

2.12

2061

17.57

15.61

-1.96

----

0.26

2.38

2.12

2062

17.62

15.62

-2.00

----

0.26

2.38

2.12

2063

17.66

15.62

-2.04

----

0.26

2.38

2.12

2064

17.71

15.62

-2.09

----

0.26

2.38

2.12

2065

17.76

15.63

-2.13

----

0.26

2.38

2.12

2066

17.81

15.63

-2.18

----

0.26

2.38

2.12

2067

17.86

15.64

-2.22

----

0.26

2.38

2.12

2068

17.91

15.64

-2.27

----

0.26

2.39

2.12

2069

17.96

15.65

-2.31

----

0.26

2.39

2.12

2070

18.00

15.65

-2.35

----

0.26

2.39

2.13

2071

18.04

15.65

-2.39

----

0.26

2.39

2.13

2072

18.08

15.66

-2.42

----

0.26

2.39

2.13

2073

18.11

15.66

-2.45

----

0.26

2.39

2.13

2074

18.13

15.66

-2.46

----

0.26

2.39

2.13

2075

18.14

15.67

-2.48

----

0.26

2.40

2.13

2076

18.15

15.67

-2.48

----

0.26

2.40

2.14

2077

18.15

15.67

-2.48

----

0.26

2.40

2.14

2078

18.15

15.67

-2.48

----

0.26

2.40

2.14

2079

18.15

15.67

-2.48

----

0.26

2.40

2.14

2080

18.16

15.67

-2.48

----

0.26

2.40

2.14

2081

18.17

15.68

-2.49

----

0.26

2.40

2.15

2082

18.19

15.68

-2.51

----

0.26

2.40

2.15

2083

18.22

15.68

-2.54

----

0.26

2.41

2.15

2084

18.26

15.68

-2.57

----

0.26

2.41

2.15

2085

18.30

15.69

-2.61

----

0.26

2.41

2.15

2086

18.35

15.69

-2.65

----

0.26

2.41

2.15

2087

18.40

15.70

-2.70

----

0.26

2.41

2.15

2088

18.45

15.70

-2.75

----

0.26

2.41

2.15

2089

18.50

15.71

-2.80

----

0.26

2.41

2.15

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Summarized Estimates

&nbsp

&nbsp

Proposal

&nbsp

Change from Present Law

Years

Costrate

Incomerate

Actuarialbalance

Year of reserve depletion1

Costrate

Incomerate

Actuarialbalance

Based on Intermediate Assumptions of the 2014 Trustees Report.

2014-2088

16.92%

15.95%

-0.97%

2053

0.15%

2.07%

1.91%

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1 Under present law, the year of Trust
Fund reserve depletion is 2033.